Nope. If I were you I would reflect colored lights at the cloud.
my quick answer, without a terrible amount of thought, is that in order to produce color the vapor would have to contain particles. And that's not good. Vapor is essentially liquid that is atomized - it's a true cloud. It looks white because of natural reflection of light off tiny "water" particles. In order for the cloud to appear red, for example, you have to beam it with red light, or, it has to have particle matter that reflects red light only from white light. You don't want anything to do with inhaling particles of matter like that. Not just a bad idea, but possibly fatal if it's even feasible.